WAYS TO BUILD LEGACY IN REAL ESTATE
When looking towards building a life-long legacy, real estate investment is one of the best tools. It goes on during your lifetime and beyond. The choice of investments and structures certainly depends on your personal decision. But you should draw your conclusions based on what you are starting with, your anticipated timeline, and your age and health, and that of your heirs.
Take a look at some selected staples which can be a great fit for several estate plans.
- Family home: a family home is one of the most common types of property the elite often prioritize. They invest heavily in their primary residences. The only warning here is what heirs will do with the property after one passes, Will it be kept? Resized? Or become a burden. One of the reasons why this is most preferred due to tax breaks/reduction in land use charges after a while.
- Second homes & Vacation homes: these types of properties can often offer a combination of the real estate and benefits of pure investment real estate and private residences. Also, a form of retirement investment. Since it’s a vacation home, it gives you the option of picking diverse locations hence, the opportunity for a safer and lower tax environment.
- Student housing: the fast-growing interest of people in getting educated, has made education so expensive. So also is the housing to accommodate students. Hence, building a property with proximity to schools makes it a good source of income.
- Commercial properties: with the tremendous increase in entrepreneurs, it is advisable to diversify into commercial properties for office space, malls into commercial properties for office space, malls, business centers, etc. This will create a lifelong source of income and preserved legacy for heirs.
- Incomplete development sites: buying lands and uncompleted buildings can be another wise investment to build a legacy. Apart from not having to bother about the management of the property and saving extra cost. You don’t have to complete it. You can save it for future sales when the value will have increased a lot more.
All of these options are great when it comes to building a legacy.